How much does it cost to buy a home in Canada?

Using CMHC (Canada Mortgage & Housing Corp) anyone can buy a home in Canada with just 5% down payment. (To avoid CMHC fees, they would need 20% down) So a $350,000 house would require a down payment of $17,500, which must come in the form of a cash down payment OR via a GIFT from parents or other sources. In addition to the down payment, home buyers needs to budget for closing costs, which include legal fees, property taxes, land titles taxes, etc. These are often tied to home’s value and add up to an estimated 2.5% to 3% of price of the home. So, a buyer needs to have approx. 7.5% to 8% of the total cost of the house (or condo) in savings (or GIFT) when embarking on the journey to purchase a home.

How does mortgage pre-approval affect the house hunting experience?

Mortgage pre-approval allows you to establish a price range and focus your search on homes you can afford. It gives you a stronger position when making an offer and speeds up the buying process.

Why is it important to consider the neighborhood when buying a home?

The neighborhood you choose to live in can greatly impact your daily life and the value of your home. It's important to consider factors such as safety, amenities, schools, and proximity to work when making a decision.

How do I find the right real estate agent for my house hunting?

To find the right real estate agent, consider asking for recommendations from friends or family, researching online reviews, and interviewing multiple agents. Choose someone who has experience in the local market and with whom you feel comfortable working.

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𝗪𝗵𝗲𝗻 𝗶𝘀 𝘁𝗵𝗲 𝗕𝗘𝗦𝗧 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝘂𝘀𝗲 𝗶𝗻 𝗪𝗶𝗻𝗻𝗶𝗽𝗲𝗴? 🤷🏼

𝘞𝘩𝘪𝘤𝘩 𝘴𝘦𝘢𝘴𝘰𝘯 ❄️ is the best buyers market? 🏚️ 🏡

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After buying your house or condo, how much does it 𝗰𝗼𝘀𝘁 𝘁𝗼 𝗼𝘄𝗻 it?

✅ Utilities

✅ Taxes

✅ Insurance

what else ❓❓

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